US-Iran war impact: Only 4 Nifty stocks delivered positive returns in March; any guesses?
The NSE benchmark Nifty fell over 10 per cent for March. Only four out of 50 index constituents, survived market selloff and delivered positive returns for the month.
- Mar 31, 2026,
- Updated Mar 31, 2026 4:22 PM IST
Coal India, Tech Mahindra Ltd (TechM), Oil & Natural Gas Corporation Ltd (ONGC) and Sun Pharmaceutical Industries Ltd are four out of 50 Nifty constituents, which survived market selloff and delivered positive returns in March. The month was marked by tensions in the West Asia, which triggered a risk off trade, as foreign investors pulled Rs 1,17,775 crore out of India. Nifty and Sensex fell over 10 per cent each for the month.
Yet, Coal India shares 4.59 per cent climbed for the month to Rs 450.45 on Monday from Rs 430.65 on February 27. Geojit on Monday upgraded its rating on the stock to Buy, with a revised target price of Rs 506, based on 6.3 times FY28 EV/Ebitda.
"Geopolitical tensions in Iran have surged global energy prices, positioning Coal India to benefit from higher e-auction realisations as industries pivot from costly imports to domestic coal," Geojit said adding that an intense early summer is expected to accelerate power demand and drive a sharp recovery in coal offtake, offsetting the subdued performance seen earlier in the fiscal year.
Tech Mahindra Ltd declined 1.92 per cent to Rs 1,384 for the month. TechM is MOFSL's top three IT stock picks. The domestic brokerage see signs of transformation under the new leadership and improving execution in BFSI.
"We believe TechM’s transformation remains relatively decoupled from discretionary spending," it said while suggesting a target price of Rs 1,750 on the stock.
ONGC added 1.76 per cent to Rs 284.65. Being a refiner, ONGC shares seen gaining for rising crude oil prices but upside remained capped over fears of windfall tax. CLSA in a March 24 note in fact noted that the stock was worst performing E&P stock in the worst since the Iran war started. It has a target of Rs 405 on the stock.
Sun Pharmaceutical Industries Ltd also advanced 1.16 per cent to Rs 1,757.20. Nomura in March 23 note suggested a target of Rs 1,920 on the stock. It said several companies announced launch of Semaglutide brands in India post patent expiry on March 20. Additional launches are likely in the near term, it said adding that Sun Pharma is among companies that have developed their own products.
Coal India, Tech Mahindra Ltd (TechM), Oil & Natural Gas Corporation Ltd (ONGC) and Sun Pharmaceutical Industries Ltd are four out of 50 Nifty constituents, which survived market selloff and delivered positive returns in March. The month was marked by tensions in the West Asia, which triggered a risk off trade, as foreign investors pulled Rs 1,17,775 crore out of India. Nifty and Sensex fell over 10 per cent each for the month.
Yet, Coal India shares 4.59 per cent climbed for the month to Rs 450.45 on Monday from Rs 430.65 on February 27. Geojit on Monday upgraded its rating on the stock to Buy, with a revised target price of Rs 506, based on 6.3 times FY28 EV/Ebitda.
"Geopolitical tensions in Iran have surged global energy prices, positioning Coal India to benefit from higher e-auction realisations as industries pivot from costly imports to domestic coal," Geojit said adding that an intense early summer is expected to accelerate power demand and drive a sharp recovery in coal offtake, offsetting the subdued performance seen earlier in the fiscal year.
Tech Mahindra Ltd declined 1.92 per cent to Rs 1,384 for the month. TechM is MOFSL's top three IT stock picks. The domestic brokerage see signs of transformation under the new leadership and improving execution in BFSI.
"We believe TechM’s transformation remains relatively decoupled from discretionary spending," it said while suggesting a target price of Rs 1,750 on the stock.
ONGC added 1.76 per cent to Rs 284.65. Being a refiner, ONGC shares seen gaining for rising crude oil prices but upside remained capped over fears of windfall tax. CLSA in a March 24 note in fact noted that the stock was worst performing E&P stock in the worst since the Iran war started. It has a target of Rs 405 on the stock.
Sun Pharmaceutical Industries Ltd also advanced 1.16 per cent to Rs 1,757.20. Nomura in March 23 note suggested a target of Rs 1,920 on the stock. It said several companies announced launch of Semaglutide brands in India post patent expiry on March 20. Additional launches are likely in the near term, it said adding that Sun Pharma is among companies that have developed their own products.